Panama has recently approved a new law, Tax Amnesty in Panama Law 99 of 2019 (the “Law”), relating to outstanding fines and penalties payable by Panamanian companies and foundations. Currently, companies and foundations that do not pay their annual tax of $300 and $400 respectively incur fines and penalties, which over time do add up. […]
On October 9, 2019, the BVI International Tax Authority published the final version of their ‘Rules and Explanatory Notes’ (the “Rules”) on Economic Substance. The Rules replace the draft BVI Economic Substance Code (the “Code”). The Rules provide very important guidance and explanatory notes to assist with the interpretation of the Economic Substance (Companies and […]
By way of background, a first draft Economic Substance Code was published by the BVI International Tax Authority (“ITA”) in April 2019. It is anticipated that the final code, now referred to as Rules (and Explanatory Notes), will be published on 30 September 2019 (the “Rules”). A further update will be circulated once the final […]
Sanmari Crous has recently qualified as a CERTIFIED FINANCIAL PLANNER® Professional with the Financial Planning Institute of South Africa (FPI). This achievement comes after successfully completing a post-graduate diploma in Financial Planning at the University of Free State in 2018, which she passed with distinction, and sitting the professional competency exam in February this year. […]
Introduction: Following the introduction of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) in the British Virgin Islands (BVI) on 1st January 2019 all BVI companies and all limited partnerships with legal personality will need to assess their compliance with the Act and submit compliance reports within six months after the end […]
In an extraordinary Gazette published 28 June 2019, the effective date for Economic Substance (Companies and Limited Partnerships) Act, 2018 (section 16 – deadline on economic substance reporting) coming into force was delayed from 30 June 2019 to 1 October 2019. We encourage all clients and users of BVI companies to take the necessary steps […]
QUESTION ONE – What are the most common structures used when international clients want to form a company in your jurisdiction? Any examples? Examples of common structures utilised in the BVI, include: Primary Vehicle for Operational Companies. BVI companies are often used as the primary vehicle under which a business is operated. This can be […]
Hatstone Lawyers Incorporated recently advised an industry-leading IT company in the successful conclusion of an agreement for the supply of virtual healthcare services in collaboration with one of the largest pharmaceutical retailers in South Africa. The service which is set to roll out nationally towards mid-2019 will allow patients to interface with a healthcare professional remotely via live […]
Following the introduction of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) in the British Virgin Islands (BVI) on 1st January 2019, BVI entities conducting certain business activities must meet economic substance requirements in the BVI. This BVI legislation was enacted in response to requirements established by the EU Code of Conduct […]
The Hatstone Group and the Folio Group are very pleased to share with you that further to the announcement last year regulatory consent has been obtained and the two businesses are now merged. As a result of the merger Folio Corporate Services Limited has now obtained a Class I Trust Licence and has changed its […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce David Abednego of Harbour Chambers BVI. David has joined IR as our exclusive Commercial Law Member in the British Virgin Islands. Harbour Chambers BVI is a boutique law service based in the British Virgin Islands. Our practice focuses on the preparation […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Nelson Samuel of N.R. SAMUEL & CO. Nelson has joined IR as our exclusive IP Member in British Virgin Islands. If you have a requirement in this area, please get in touch with Nelson directly or with the IR Global head […]